South Korea’s Cryptocurrency Market Sees Rapid Growth With Surge In Trading And Stablecoin Use

South Koreas Cryptocurrency Market Sees Rapid Growth With Surge In Trading And Stablecoin Use

In the first half of 2024, the number of cryptocurrency investors in South Korea soared to 7.78 million, marking a 21% increase from the latter half of 2023, according to an official report.

The average daily trading volume also saw a dramatic rise, jumping from $2.61 billion to an impressive $64.35 billion.

Meanwhile, profits for 21 local centralized exchanges (CEXs) climbed 106% year-over-year, reaching $428 million.

According to an official report, the number of cryptocurrency investors in South Korea reached 7.78 million in the first half of 2024, an increase of 21% from the second half of 2023. The average daily trading volume increased from $2.61 billion to $64.35 billion. The profits of…

— Wu Blockchain (@WuBlockchain) October 31, 2024

Stablecoins Play Major Role In Countrys Crypto Ecosystem

Stablecoins play an increasingly crucial role in the countrys crypto ecosystem. The South Korean government reports that 10% of all domestic transactions are conducted using stablecoins.

Among them, $USDT (Tether) stands as the dominant choice, holding 72% of the stablecoin market. A significant portion of these transactions occurs on the TRON blockchain, favored for its low transaction fees and faster processing times compared to Ethereum.

Korean govt official: “10% of domestic trade txns uses stablecoins.”$USDT dominates 72% of the stablecoin market, mainly on TRON blockchain, likely for its speed and low fees over ETH.

For whatever reason, the market chose #Tether and #TRON; they found a product-market fit.

— Ki Young Ju (@ki_young_ju) October 31, 2024

This substantial growth in South Korea‘s crypto market underscores a wider trend in global crypto adoption and highlights the demand for stablecoins in maintaining transactional stability. TRON’s popularity as the preferred network for $USDT transactions indicates a growing awareness among South Korean traders of the need for cost-effective, efficient blockchain solutions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.